Canadian Population Trends: Mortgages for Newcomers to Canada on the Rise and More
In 1957, Canada’s population surged due to the Baby Boom. We saw a similar increase in 2018 — but with a very different cause.
According to Statistics Canada, Canada’s population rose by over half a million people since July of 2017, but instead of a baby boom, this spike can be attributed to an immigration boom.
Roughly 80% of the recent growth is due to international migration — higher in 2017/18 than ever before.
The other 20% of newcomers to Canada are, in fact, babies who were born here, but that makes up just 100,000 of the 500,000 spike. And it’s much lower than the number of births during the Baby Boom.
What does this mean for mortgage brokers? A lot!
Population growth is an opportunity. Consider offering programs branded for newcomers to Canada.
Mortgages for newcomers to Canada may differ from life-long residents in several ways:
- Newcomers may need more information about communities.
- They may need more information about mortgage financing.
- The conversion path may be different.
For instance, referrals were one of the biggest sources for mortgage broker leads in 2017/18. But newcomers may not know as many people for those referrals, or they may be getting their referrals from different sources.
Consider marketing your services or building partnerships with organizations and servicers who cater to newcomers. This could also help target your marketing even more as they could help you understand the new buyer profile.
You can also leverage property data tools — both for those seeking a mortgage and for yourself.
For instance, you could use property data to further investigate a property that a newcomer seeking a mortgage is thinking about financing.
But you could also do research without a prospect. For example, you may use neighbourhood demographics to learn about the makeup of current areas by age range, job categories, culture, family composition, and more. You could then use this in your marketing and property sourcing for prospective buyers.
You can take this a step further and use this information in your digital marketing, such as social media. You may find keywords to target from these demographics. Or you might learn about a neighbourhood or cultural group on social media that you could join and advertise opportunities in.
The possibilities are practically endless.
The key to it all is solid property data that you can rely on to be accurate, easy to access, and up-to-date. That’s where Purview comes in.
Our property tools allow you to uncover neighbourhood demographics, estimate property value, and more. Plus, if you are working with a mortgage lender, real estate agent, or other professional (such as a real estate lawyer) they can access the same information, straight from the Province of Ontario land registry.
Get started today. Call us at 1-855-787-8439 or visit www.purview.ca.